Steve and Matt, could you pls comment on whether this is still a
bear market rally that you guys keep referring to or are we in the
beginning of a new bull market. I guess I have been listening
to all you previous comments in past newsletters that we are in a
bear market, that i keep thinking we will be getting a bigger pull
back,. but now we are definitely really gearing for end of year
rally it seems. Pls comment on where you see decent support
on ES for us to go long or on spy to go long at, as well as the
qqqs. TIA
My advice is to simply respect the trend until that
changes. Real simple higher highs and higher lows have unfolded.
Bigger pullback will come only after trend changes
.
I also posted Goldman Sachs views below in case you're
interested.
Most importantly, follow your plan versus
prognostications.
again...that's why I like the KISS daily system - if things
magically went back into a bull, it will catch that, no guessing on
the members part, and it's been long for 5 weeks already, it will
simply follow the trend and raise stops higher over time.
and if things fall south later on, it will get out
I like systematic approaches to things. Just saying
respect the trend is a broad spectrum, doesn't tell them where to
go long or to exit
I still view it as a bear market rally - again KISS daily system
has been back long for 5 weeks on the S&P 500, QQQ has been
long, refer to the STS stops. Should the market do a 'magic
mike' event, they will catch it and make new STS higher low
stops over time, should the market eventually sell down again, the
will get out, why complicate it.
some possible targets I see is 4100 on the low end (fills a
gap), then 50% Fib off the Jan highs at 4150, if things really rock
and roll maybe 4300. SPX closed near a downtrend line from the Jan
highs and above the 200 day MA. It now needs to STAY above the 200
day MA
and ETF's like VYM, which is my favorite is up for the year
now
ES tagged 3980 to the
Posted by steve on 30th of Nov 2022 at 09:00 am
ES tagged 3980 to the tick and reversed for over 20+ points - expect some gyrations today. Above this level and you can squeeze
Yes nice squeeze above this
Posted by steve on 30th of Nov 2022 at 07:39 pm
Yes nice squeeze above this level - I posted seeing those massive call buyers on the QQQ
For tonight ES support 4060-55
Posted by steve on 30th of Nov 2022 at 07:42 pm
For tonight ES support 4060-55
Steve and Matt, could you
Posted by imelhoe on 30th of Nov 2022 at 09:11 pm
Steve and Matt, could you pls comment on whether this is still a bear market rally that you guys keep referring to or are we in the beginning of a new bull market. I guess I have been listening to all you previous comments in past newsletters that we are in a bear market, that i keep thinking we will be getting a bigger pull back,. but now we are definitely really gearing for end of year rally it seems. Pls comment on where you see decent support on ES for us to go long or on spy to go long at, as well as the qqqs. TIA
My advice is to simply
Posted by steve on 30th of Nov 2022 at 09:29 pm
My advice is to simply respect the trend until that changes. Real simple higher highs and higher lows have unfolded. Bigger pullback will come only after trend changes .
I also posted Goldman Sachs views below in case you're interested.
Most importantly, follow your plan versus prognostications.
Appreciate your comment Steve. It’s
Posted by arun on 30th of Nov 2022 at 10:17 pm
Appreciate your comment Steve. It’s important to respect the market regardless of our beliefs.
again...that's why I like the
Posted by matt on 30th of Nov 2022 at 09:52 pm
again...that's why I like the KISS daily system - if things magically went back into a bull, it will catch that, no guessing on the members part, and it's been long for 5 weeks already, it will simply follow the trend and raise stops higher over time.
and if things fall south later on, it will get out
I like systematic approaches to things. Just saying respect the trend is a broad spectrum, doesn't tell them where to go long or to exit
I still view it as
Posted by matt on 30th of Nov 2022 at 09:21 pm
I still view it as a bear market rally - again KISS daily system has been back long for 5 weeks on the S&P 500, QQQ has been long, refer to the STS stops. Should the market do a 'magic mike' event, they will catch it and make new STS higher low stops over time, should the market eventually sell down again, the will get out, why complicate it.
some possible targets I see is 4100 on the low end (fills a gap), then 50% Fib off the Jan highs at 4150, if things really rock and roll maybe 4300. SPX closed near a downtrend line from the Jan highs and above the 200 day MA. It now needs to STAY above the 200 day MA
and ETF's like VYM, which is my favorite is up for the year now
Tomorrow PCE report
Posted by steve on 30th of Nov 2022 at 07:49 pm
Tomorrow PCE report